阿里巴巴 (BABA) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's March Quarter 2021 and Full Fiscal Year 2021 Results Conference Call. (Operator Instructions)

女士們、先生們，大家好！感謝您的耐心等待。歡迎參加阿里巴巴集團2021年3月季及2021財年全年業績電話會議。 （操作員指示）

Now I'd like to turn the call over to Rob Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

現在我想把電話轉給阿里巴巴集團投資者關係負責人Rob Lin。請您發言。

Good day and good evening, everyone, and welcome to Alibaba Group's March Quarter 2021 and Full Fiscal Year 2021 Results Conference Call. With us today are Daniel Zhang, our Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer.

大家好，晚上好！歡迎參加阿里巴巴集團2021年3月季及2021財年全年業績電話會議。今天與我們一同出席的嘉賓有：董事長兼執行長張勇，執行副董事長蔡崇信，財務長吳忌寒。

This call is also being webcast from the IR section of our corporate website. A replay of the call will be available on our website later today.

本次電話會議也將在我們公司網站的投資者關係板塊進行網路直播。會議重播將於今天晚些時候在我們網站上發布。

Let me cover the safe harbor. Today's discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC or announced on the website of Hong Kong Stock Exchange. Any forward-looking statements that we make on this call are based on our assumption as of today, and we do not undertake any obligation to update these statements, except as required under applicable law.

讓我先解釋一下安全港條款。今天的討論可能包含前瞻性陳述。前瞻性陳述涉及固有風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。有關這些風險和不確定性的詳細討論，請參閱我們最新的20-F表格年度報告以及向美國證券交易委員會提交或在香港交易所網站上公佈的其他文件。我們在本次電話會議上所做的任何前瞻性陳述均基於我們今天的假設，除適用法律要求外，我們不承擔更新這些陳述的任何義務。

Please note that certain financial measures as we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA margin, marketplace-based core commerce adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share or ADS and free cash flow are expressed on a non-GAAP basis. Our GAAP results and reconciliation of non-GAAP to GAAP measures can be found in our earnings press release.

請注意，本次電話會議中使用的某些財務指標，例如調整後息稅折舊攤銷前利潤 (EBITDA)、調整後息稅折舊攤銷前利潤率 (EBITDA margin)、調整後息稅攤銷前利潤 (EBITA)、調整後息稅攤銷前利潤率、核心商業交易平台調整後息稅前利潤(EBITA)、非公認會計準則淨利潤、非公認會計準則稀釋每股收益或美國存託憑證收益以及自由現金流，均以非公認會計準則 (GAAP) 為基礎。我們的 GAAP 績效以及非公認會計準則與公認會計準則 (GAAP) 指標的對帳表可在我們的財報新聞稿中找到。

Unless otherwise stated, growth rate of all the stated metrics mentioned during this call refers to year-over-year growth versus the same quarter or same period last year.

除非另有說明，本次電話會議中提到的所有指標的成長率均指與去年同期或同一季度相比的同比增長。

In addition, during the call today, management will give their prepared remarks in English. A third-party translator will provide simultaneous translation in Chinese on another conference line. Please refer to our press release for details.

此外，在今天的電話會議上，管理階層將以英文發表準備好的發言。第三方翻譯人員將透過另一條電話線路提供中文同聲傳譯。詳情請參閱我們的新聞稿。

During the Q&A session, we will take questions in both English and Chinese, and third-party translator will provide consecutive translation. All translations are for convenience purpose only. In the case of any discrepancy, management's statement in the original language will prevail.

在問答環節，我們將以中英文雙語解答問題，並由第三方翻譯提供交替傳譯。所有翻譯僅供參考。如有任何歧義，以管理階層原文聲明為準。

With that, I will turn the call now to Daniel.

說完這些，我現在將電話轉給丹尼爾。

Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today.

謝謝你，Rob。大家好。感謝大家今天參加我們的財報電話會議。

We delivered another solid quarter, making the strong finish to this eventful fiscal year. China started this past year with the national battle against the COVID-19 outbreak and ended the year as the first country in the world to effectively control the pandemic and return to normal life. Based on [IMS] estimates, China was the only major economy that achieved positive real GDP growth in 2020.

我們又交出了一份穩健的季度業績，為這個多事之秋畫上了圓滿的句點。過去一年，中國以全國性對抗新冠疫情的鬥爭開局，並在年末成為全球首個有效控制疫情、恢復正常生活的國家。根據[IMS]的估計，中國是2020年唯一一個實現實際GDP正成長的主要經濟體。

According to the National Bureau of Statistics, China recorded retail sales of RMB 42 trillion during the 12 months ended March 31, 2021, and the GDP growth in the quarter ended March 2021 reached 18.3% year-over-year. Against the backdrop of this macroeconomic recovery and accelerated digitalization in China, Alibaba Group achieved healthy growth across all businesses.

根據國家統計局的數據，截至2021年3月31日的12個月內，中國社會消費品零售總額達42兆元人民幣，2021年3月當季國內生產毛額（GDP）年增18.3%。在中國宏觀經濟復甦和數位化進程加速的背景下，阿里巴巴集團各項業務均實現了健康成長。

During the past fiscal year, we made significant progress in our 3 key strategies, namely domestic consumption, globalization and cloud computing.

在過去的財年，我們在國內消費、全球化和雲端運算三大重點策略上取得了重大進展。

Such progress demonstrated the tremendous power of Alibaba's digital commerce infrastructure as well as our long-term commitment to invest for the future and to create value for our consumers, merchants and partners through innovations.

這些進步體現了阿里巴巴數位商務基礎設施的強大實力，以及我們長期致力於投資未來並透過創新為消費者、商家和合作夥伴創造價值的承諾。

For our consumer-facing businesses, Alibaba Ecosystem recorded RMB 8.1 trillion in GMV or USD 1.2 trillion during the fiscal year, a net increase of over RMB 1 trillion year-over-year. Annual active consumers for our ecosystem reached a historical milestone of over 1 billion with a net increase of 117 million year-over-year. Our annual active consumers outside of China increased by 60 million to over 240 million as of March 2021, which reflects the progress of our globalization strategy, benefiting from the increasing demand for digitization across industries. Alibaba Cloud's revenue exceeded RMB 60 billion for this -- for past fiscal year, representing a year-over-year growth of 50% as it continued to strengthen its market leadership in China and Asia Pacific.

在面向消費者的業務方面，阿里巴巴生態系統在本財年實現了8.1兆元人民幣（約1.2兆美元）的GMV，年比淨增逾1兆元。生態系年度活躍消費者突破10億，創歷史新高，較去年同期淨增加1.17億。截至2021年3月，我們在中國以外地區的年度活躍消費者新增6,000萬，超過2.4億，這反映了我們全球化策略的進展，受益於各行各業日益增長的數位化需求。阿里雲上財年營收超過600億元，年增50%，持續鞏固在中國及亞太地區的市場領導地位。

During the past fiscal year, we have gone through all kinds of challenges, including the COVID-19 pandemic, fierce competitions as well as the anti-monopoly investigation and penalty decision by Chinese regulators.

在過去的財年，我們經歷了各種挑戰，包括新冠疫情、激烈的競爭以及中國監管機構的反壟斷調查和處罰決定。

We believe the best way to overcome this challenge is look forward and invest for the long run -- for the long-term to create value for our customers through technology and innovation and to solve major problems in society. Therefore, we plan to invest all of our incremental profits in this coming year into core strategic areas such as technology innovation, support programs for merchants to lower their operating costs, user acquisition and experience enhancements, merchandising and supply chain capabilities, infrastructure development and new business initiatives.

我們相信，克服這項挑戰的最佳途徑是放眼長遠，進行長期投資——透過技術和創新為客戶創造長期價值，並解決社會中的重大問題。因此，我們計劃將來年所有增量利潤投入核心策略領域，例如技術創新、幫助商家降低營運成本的支援計劃、用戶獲取和體驗提升、商品銷售和供應鏈能力、基礎設施建設以及新的業務計劃。

Considering that our incremental profits are expected to be significant, our investments will be highly targeted and disciplined. They will be designed to enlarge our total addressable market, differentiate consumer and merchant value proposition from our competitors and generate greater consumer engagement and purchase frequency. We will establish key metrics to measure the effectiveness of these investments, which we believe will generate significant results in the long term.

鑑於我們預期利潤增量將非常可觀，我們的投資將高度精準且嚴謹。這些投資將旨在擴大我們的潛在市場規模，使消費者和商家的價值主張與競爭對手區分開來，並提升消費者參與度和購買頻率。我們將設立關鍵指標來衡量這些投資的有效性，我們相信這些投資將在長期內產生顯著的效益。

Our annual active consumers in China reached 880 -- 891 million by the end of March. We hope to grow this customer base in China by over 100 million in the coming fiscal year to reach over 1 billion.

截至3月底，我們在中國市場的年度活躍用戶已達8.8億至8.91億。我們希望在下一個財年，中國市場的客戶群能再增加1億以上，達到10億以上。

Annual active consumers for our China retail marketplaces were 811 million by the end of March, representing a net increase of 85 million year-over-year. These consumers spent an average of CNY 9,200 annually per person on our platforms. We believe this is the largest and best-quality consumer base in China. We will continue to serve the demands of consumers to get diversified lifestyle based on their segmented preferences.

截至3月底，我們中國零售市場的年度活躍消費者數量達8.11億，較去年同期淨增加8,500萬。這些消費者在我們平台上的人均年度消費額為9,200元人民幣。我們相信，這是中國規模最大、品質最高的消費族群。我們將繼續滿足消費者根據其細分偏好獲得多元化生活方式的需求。

As the largest digital consumption marketplace in China, Taobao App will continue to strengthen its comprehensive supply of branded products, value-for-money products, agricultural products, imported products and differentiated long-tail products to meet the diversified demands of our consumers.

作為中國最大的數位消費市場，淘寶App將持續強化品牌商品、超值商品、農產品、進口商品、差異化長尾商品的全面供給，滿足消費者多元化的需求。

In underpenetrated categories, such as groceries, real estate, home furnishings and pharmaceuticals, we will redefine the consumer journey and digitalize the experience for the sector to enhance its online and New Retail penetration. We will also work on improving the overall consumer experience and engagement in Taobao App by offering diversified consumer journeys based on different user segments -- based on different user segmentation and intent. At the same time, we are improving the tools and enabling capability for merchants to enhance their customer engagement and reviewing our platform policies to lower their operating costs.

在食品雜貨、房地產、家居和醫藥等滲透率較低的品類，我們將重新定義消費者旅程，並將該行業的體驗數位化，以提升其線上和新零售滲透率。我們也將致力於提升淘寶App的整體用戶體驗和參與度，根據不同的用戶細分和意圖，提供多樣化的消費者旅程。同時，我們正在改進工具和賦能能力，幫助商家提升客戶互動度，並重新審視平台政策，以降低他們的營運成本。

As part of our China retail marketplaces, Taobao Deals has grown rapidly over the past year, reaching over 150 million annual active consumers. As an indication of the activeness of our app users, monthly active users of Taobao Deals reached 130 million in March, a net increase of 27 million from December. Taobao Deals offers the best value-for-money products for price-conscious consumers. It features single-product design and a direct-to-consumer supply from farms and manufacturers.

作為我們中國零售平台的一部分，淘寶特賣在過去一年中發展迅速，年度活躍用戶超過1.5億。作為我們應用程式用戶活躍度的指標，淘寶特賣3月月活躍用戶達1.3億，較12月淨增加2700萬。淘寶特賣會為注重價格的消費者提供最具性價比的商品。其特色是單品設計，以及農場和製造商直接面向消費者的供貨。

The rapid growth of Taobao Deals contributed positively to our China retail marketplaces. During the past fiscal year, average spending of consumers who purchased on Taobao Deals increased more than the average spending of China retail marketplaces consumers. We will further increase our investment in Taobao Deals in the new fiscal year to serve more price-conscious consumers in less developed areas.

淘寶特賣的快速成長對我們中國零售市場做出了積極貢獻。在過去的財年，淘寶特賣的消費者平均消費額增幅超過了中國零售市場消費者的平均消費。我們將在新的財年進一步增加對淘寶特賣的投入，以服務更多欠發達地區注重價格的消費者。

Next, I would like to talk about New Retail, which includes the Community Marketplaces model that has attracted a lot of attention lately.

接下來我想來講一下新零售，包括最近很受關注的社群市場模式。

Alibaba introduced our New Retail strategies in 2016, and we have executed our strategy based on multiple business models to serve the various demands of consumers. For groceries, fresh produce and FMCG products, we transformed off-line retailers such as Sun Art, through digitalizing their operations and created New Retail formats, such as Freshippo, that integrate online/offline experience. The combination of these New Retail formats satisfy consumer demands not only in-store but also in nearby communities by offering comprehensive delivery options from 1 hour, half a day, same day and next day.

阿里巴巴於2016年推出新零售策略，並基於多種商業模式實施，以滿足消費者的多樣化需求。在生鮮、生鮮農產品和快速消費品領域，我們透過數位化經營，協助高鑫零售等線下零售商轉型，並打造了盒馬鮮生等融合線上線下體驗的新零售業態。這些新零售業態的結合，不僅滿足了消費者在實體店的需求，也滿足了周邊社區的需求，提供從1小時送達、半天送達、當日達到次日達的全方位配送服務。

As part of our latest exploration in New Retail, we started the Community Marketplaces business in selected regions in China. Our Community Marketplaces is supported by the supply chain capabilities of Freshippo, Sun Art and other partners. In addition to 1-hour, half-day, same-day and the next-day delivery options mentioned above, we now offer community consumers with the option of order today and pick up tomorrow.

作為我們在新零售領域最新探索的一部分，我們在中國部分地區啟動了社區市場業務。我們的社區市場由盒馬鮮生、高鑫零售及其他合作夥伴的供應鏈能力提供支援。除了上述1小時送達、半天送達、當日送達和隔日送達選項外，我們現在還為社區消費者提供「今日下單，明日取貨」的選項。

We believe New Retail is a multiple -- we believe a new -- we believe New Retail is a multi-format consumer infrastructure of which the Community Marketplaces model is one of the essential ways to serve price-conscious consumers. This model can help us acquire new customers in low-tier cities and rural areas and further increase our users' consumption frequency and stickiness.

我們認為新零售是一個多元化的消費基礎設施，其中社群市場模式是服務價格敏感型消費者的重要途徑之一。此模式可以幫助我們在低線城市和農村地區獲取新客戶，並進一步提高用戶的消費頻率和黏性。

We believe the key to unlocking the full value of the Community Marketplaces model is not only about the standard loan P&L of the business but also about the overall efficiency and servicing capability of the entire commerce platform where the business sits. And we believe the latter can generate far greater value than the former.

我們認為，釋放社群市場模式全部價值的關鍵，不僅在於企業本身的標準貸款盈虧，還在於企業所在的整個商業平台的整體效率和服務能力。我們相信，後者能夠創造遠超過前者的價值。

Alibaba has the most sophisticated and efficient commerce infrastructure in China with the most comprehensive product and service offerings to serve consumers of diversified segmentation and demands. Accordingly, we believe we will be able to create and capture the highest consumer lifetime value through investments into the Community Marketplaces business. We will grow this business, leveraging Alibaba Ecosystem's full core capabilities, including merchandising and supply chain capabilities, logistics and fulfillment infrastructure, consumer engagement capabilities and the distribution channel development and management capabilities.

阿里巴巴擁有中國最先進、最有效率的商業基礎設施，以及最全面的產品和服務，能夠滿足多樣化細分市場和需求的消費者。因此，我們相信，透過投資社群市場業務，我們將能夠創造並捕捉最高的消費者生命週期價值。我們將充分利用阿里巴巴生態系統的全部核心能力，包括商品銷售和供應鏈能力、物流和履約基礎設施、消費者互動能力以及分銷管道開發和管理能力，來發展這項業務。

While we are still in the early stage of business expansion, our goal for the new fiscal year is to expand our geographic coverage nationwide and define a healthy and sustainable Community Marketplaces business model.

雖然我們仍處於業務擴展的早期階段，但新財年的目標是擴大我們的地理覆蓋範圍到全國範圍，並定義一個健康和可持續的社區市場商業模式。

Cainiao Network has delivered solid revenue growth during the fiscal year. Revenue from external customers outside of Alibaba Group grew 68% year-over-year and contribute to over 70% of Cainiao Network's total revenues. Cainiao also reached an important milestone of generating positive operating cash flow during the year.

菜鳥網絡在本財年實現了穩健的收入成長。來自阿里巴巴集團以外外部客戶的營收年增68%，佔菜鳥網路總收入的70%以上。菜鳥網絡在本財政年度也實現了經營現金流為正的重要里程碑。

We believe Cainiao's continuous growth will be driven by 3 important engines: number one, first-mile business based on Cainiao Post and Cainiao Guoguo; second, fulfillment service from factory to consumers; and third, cross-border supply chain services for importing and exporting merchants.

我們認為菜鳥的持續成長將由三個重要引擎驅動：第一，基於菜鳥驛站和菜鳥裹裹的首公里業務；第二，從工廠到消費者的全程配送服務；第三，為進出口商戶提供的跨境供應鏈服務。

Building on top of the significant improvement in operating efficiency in the new fiscal -- or in the last fiscal -- or in the last few quarters, Ele.me invested in user acquisition and the logistics capacity during the Chinese New Year period, where many residents were encouraged by the local government to stay in the same city they work and avoid long-distance travel due to the pandemic. As a result, Ele.me's annual active consumer grew strongly at close to 20% year-over-year during the fiscal year when user experience improved.

在新財年（或上財年）以及過去幾季營運效率顯著提升的基礎上，餓了麼在春節期間加大了用戶獲取和物流能力建設的投入。春節期間，受疫情影響，許多居民在地方政府的鼓勵下留在原地辦公，避免長途旅行。因此，在用戶體驗改善的本財年，餓了麼的年度活躍用戶數量較去年同期成長近20%。

Looking forward, we will continue to invest in Ele.me consumers' mind share as the entry point for local service through converting more consumers in Alibaba Ecosystem into Ele.me user as well as cross-selling between food delivery and other non -- and other on-demand services to increase order frequency.

展望未來，我們將繼續投資餓了麼消費者心智份額作為本地服務的切入點，透過將阿里巴巴生態系統中的更多消費者轉化為餓了麼用戶，以及在食品配送與其他非按需服務之間進行交叉銷售，以提高訂單頻率。

In our international commerce retail business, Lazada and AliExpress each achieved more than 100 million of annual active consumers by March 2021. Lazada delivered another quarter with triple-digit order growth year-over-year.

在我們的國際商業零售業務中，截至 2021 年 3 月，Lazada 和 AliExpress 的年度活躍消費者均超過 1 億。 Lazada 本季再次實現了訂單量年增三位數。

AliExpress continued to achieve rapid growth by significantly improving the logistics experience for its consumers, leveraging Cainiao Network's global smart network -- smart logistic infrastructure. For example, France and Spain, 2 of the key markets that AliExpress invested in logistic infrastructure improvement, recorded triple-digit GMV growth year-over-year during the quarter. In the future, we will continue to invest in key cross-border logistic hubs in Europe, develop local logistic network in target markets and strengthen infrastructure support for our cross-border and local e-commerce businesses.

全球速賣通憑藉菜鳥網路的全球智慧網路－智慧物流基礎設施，大幅提升了消費者的物流體驗，並持續實現快速成長。例如，法國和西班牙是全球速賣通在物流基礎建設方面投入的兩個重點市場，本季的GMV年增率均達三位數。未來，我們將繼續投資歐洲重要的跨境物流樞紐，在目標市場建立本地物流網絡，並加強對跨境和本地電商業務的基礎設施支援。

In fiscal year 2021, our cloud computing revenue grew 50% year-over-year to over RMB 60 billion. I'm very excited about the massive potential of our cloud computing business as the post-pandemic world is facing a massive opportunity for industrial digitization.

2021財年，我們的雲端運算營收年增50%，超過人民幣600億元。後疫情時代，世界正面臨產業數位化的巨大機遇，我對雲端運算業務的巨大潛力感到非常興奮。

Cloud infrastructure will eventually replace IT infrastructure, empowering enterprises to achieve digital operation. As China's industrial sector undergoing its digital transformation, manufacturers are moving forward smart manufacturing and direct-to-consumer initiatives, while other traditional industries, such as retail, energy, finance and transportation, have all noticed the tremendous value and new opportunities that big data and intelligent applications could create.

雲端基礎設施最終將取代IT基礎設施，賦能企業實現數位化營運。隨著中國工業領域數位轉型，製造商正在推動智慧製造和直面消費者的策略，而零售、能源、金融、交通等其他傳統產業也都看到了大數據和智慧應用可能創造的巨大價值和新機會。

Alibaba Cloud will capture the historical opportunity by, number one, investing in core Art and FaaS products, such as database, storage, elastic computing and big data platforms, to establish our core product competencies, benchmarking against the global cloud leaders; and number two, further expanding the integration of intelligence with cloud infrastructure to provide our customers with more diversified industry intelligent solutions together with our partners.

阿里雲將抓住歷史機遇，一是加大對核心A&A產品線的投入，包括資料庫、儲存、彈性運算、大數據平台等，建立核心產品能力，對標全球雲端領導者；二是進一步拓展智慧化與雲端基礎設施的融合，與合作夥伴一起為客戶提供更多樣化的產業智慧解決方案。

Lastly, we announced in April 2021 that we received the administrative penalty decision issued by the China's State Administration of Market Regulation (sic) [State Administration for Market Regulation]. We have stated that we accept the penalty with sincerity and will ensure our compliance with determination. As a result of the anti-monopoly fine of RMB 18.2 billion leveled by the SAMR, we recorded an operating loss this quarter for the first time since our history as a public company.

最後，我們在2021年4月宣布，我們收到了中國國家市場監督管理總局（原文如此）的行政處罰決定。我們已聲明，我們將誠心接受處罰，將堅決履行處罰決定。由於市場監管總局開出的182億元人民幣的反壟斷罰款，我們本季錄得了自上市公司以來的首次經營虧損。

The penalty decision motivated us to reflect on the relationship between a platform economy and society as well as our social responsibilities and covenants. We believe the self-reflection and adjustments we've made will help us better serve our community of consumers, merchants and partners and position us well in the future.

這次處罰決定促使我們反思平台經濟與社會的關係，以及我們應盡的社會責任和承諾。我們相信，這些反思和調整將有助於我們更好地服務消費者、商家和合作夥伴，並在未來佔據有利地位。

Thank you all. Now I will turn it over to Maggie, who will walk you through the details of our financial results.

謝謝大家。現在輪到 Maggie 了，她會為大家詳細介紹我們的財務表現。

Thank you, Daniel. Hello, everyone. Let me start with financial highlights for the fiscal year 2021 and for the March quarter.

謝謝丹尼爾。大家好。首先，我來介紹一下2021財年以及3月季度的財務亮點。

So our total revenue was CNY 717 billion, an increase of 41% year-over-year. Excluding the consolidation of Sun Art, our revenue would have grown 32% year-over-year to CNY 674 billion. This is well exceeded our revenue guidance we gave at the beginning of the year, which was CNY 650 billion.

因此，我們的總收入達到7,170億元，年增41%。若不計入高鑫零售的合併，我們的營收將年增32%，達到6,740億元。這遠遠超出我們年初給出的6,500億元人民幣的收入預期。

For March quarter, our total revenue was CNY 187 billion, up 64% year-over-year. Excluding Sun Art, the growth would have been 40%. Still very strong. The growth was driven by the robust revenue growth of our China commerce retail business as well as continued growth of cloud computing businesses.

截至3月當季，我們的總營收為1,870億元人民幣，年增64%。若不計入高鑫零售，增幅則為40%。業績依然強勁。這一成長主要得益於我們中國商業零售業務的強勁收入成長以及雲端運算業務的持續成長。

Total adjusted EBITA was CNY 170 billion, an increase of 24% year-over-year. And for the March quarter, it was RMB 23 billion with an increase of 14% year-over-year primarily driven by healthy profitable -- profit growth of our market-based core commerce business, partially offset by increased investments in new businesses and key strategic areas.

調整後息稅折舊攤提前利潤 (EBITA) 總額為人民幣 1,700 億元，較去年同期成長 24%。 3 月當季息稅折舊攤銷前利潤為人民幣 230 億元，年增 14%，主要得益於我們以市場為基礎的核心商業業務的健康盈利增長，但新業務和關鍵戰略領域投資的增加部分抵消了這一增長。

Total adjusted EBITDA increased 25% year-over-year to CNY 197 billion for the year and increased 18% year-on-year for the March quarter.

全年調整後息稅折舊攤銷前利潤 (EBITDA) 年成長 25%，至 1,970 億元人民幣，其中 3 月當季調整後息稅折舊攤銷前利潤 (EBITDA) 較去年同期成長 18%。

So net income was CNY 143 billion for the fiscal year, which includes the onetime fine levied and increases in SBC expenses.

因此，本財年的淨收入為 1,430 億元人民幣，其中包括一次性罰款和 SBC 費用的增加。

The non-GAAP net income for the year was CNY 172 billion, 30% year-on-year growth.

全年非美國通用會計準則淨利1,720億元人民幣，較去年同期成長30%。

March quarter, we showed a net loss of CNY 7.7 billion primarily due to the antimonopoly fine of RMB 18.2 billion. Excluding this impact and certain other items, non-GAAP net income was RMB 26 billion, an increase of 18% year-over-year.

本季，我們淨虧損77億元人民幣，主要原因是182億元人民幣的反壟斷罰款。剔除此影響及其他特定項目，非公認會計準則淨利為260億元人民幣，較去年同期成長18%。

We continue to maintain a solid cash position of USD 72 billion with strong cash flow generation capability. Our free cash flow grew strongly at 32% to RMB 173 billion or around USD 26 billion.

我們持續保持720億美元的穩健現金狀況，並擁有強大的現金流產生能力。我們的自由現金流強勁成長32%，達到人民幣1,730億元（約260億美元）。

Now let's look at the fiscal '21 revenue in more detail.

現在讓我們更詳細地了解一下 21 財年的收入。

Our revenue continues to be more diversified on the back of strong organic growth. The revenue of our China retail marketplaces continued to grow strongly as reflected by our consumer -- customer management revenue growth of 24%.

在強勁的有機成長的推動下，我們的收入繼續呈現多元化趨勢。中國零售市場的收入持續強勁成長，消費者管理收入成長了24%。

Our Alibaba Cloud and Cainiao businesses were the 2 fastest-growing businesses and important drivers of our organic revenue growth. Both have also achieved important financial milestones with the cloud computing business proving its capability to be profitable in December quarter and continue to -- showing increasing profit in March quarter, Cainiao generating positive cash flow. These 2 growth businesses exemplify our track record of committing to invest in businesses over the long term that we believe can create tremendous value for our ecosystem.

我們的阿里雲和菜鳥業務是成長最快的兩大業務，也是我們有機收入成長的重要驅動力。這兩項業務均實現了重要的財務里程碑，雲端運算業務在12月季度證明了其盈利能力，並在3月季度持續盈利，菜鳥實現了正現金流。這兩項成長業務體現了我們致力於長期投資於那些我們認為能夠為我們的生態系統創造巨大價值的業務的良好記錄。

It is important to note that we have continued to invest and grow new seed businesses such as Taobao Deals; Taobao Grocery; Fresh Hema market, which is the Community Marketplaces business; and new features on the core platform such as Taobao Live and short-form video. These initiatives address new consumption demands and behaviors that will continue to expand our addressable markets in China and create many cross-selling opportunities in our ecosystem. We believe these businesses have the potential to be the long-term revenue growth drivers that continue to catalyze our multi-growth engine in the future.

值得注意的是，我們持續投資並發展新的種子業務，例如淘寶特價、淘寶買菜、盒馬鮮生（即社群市場業務）以及核心平台上的新功能，例如淘寶直播和短片。這些措施旨在滿足新的消費需求和行為，這將繼續擴大我們在中國的潛在市場，並在我們的生態系統中創造大量交叉銷售機會。我們相信，這些業務有潛力成為長期收入成長動力，並在未來繼續催化我們多元化的成長引擎。

Let's look at our overall cost trends.

讓我們看看我們的整體成本趨勢。

Excluding SBC as a percentage of revenue, cost of revenue ratio increased in March quarter and fiscal year due to higher proportion of direct sales business. This increase was primarily attributable to higher proportion of our direct sales business from the consolidation of Sun Art as well as the growth of Tmall supermarket. These direct sales businesses will continue to strengthen our New Retail initiatives, especially in development of our product sourcing capability.

扣除高鑫零售佔收入的百分比後，由於直銷業務佔比上升，3月季度及全年的營業成本率有所上升。這一增長主要歸因於高鑫零售的合併帶來的直銷業務佔比上升，以及天貓超市的成長。這些直銷業務將持續強化我們的新零售策略，尤其是在提升我們的產品採購能力方面。

Sales and marketing ratio also increased in March quarter and fiscal year given increase in marketing and promotion spending to drive user growth and engagement.

由於增加了行銷和促銷支出以推動用戶成長和參與度，三月季度和財政年度的銷售和行銷比率也有所增加。

I would like to remind everyone that we added 84 million annual active consumers on our China retail marketplace in fiscal 2021, especially in lower-tier cities, with Taobao Deals ending the year with 150 million inactive consumers.

我想提醒大家，2021 財年，我們在中國零售市場增加了 8,400 萬年度活躍消費者，尤其是在低線城市，而淘寶特價版在年底擁有 1.5 億非活躍消費者。

G&A expense ratio was significantly higher at 13% for the quarter primarily due to expensing of the one-off antimonopoly fine. Excluding this item, G&A ratio would have decreased by 1 percentage point to 4%.

本季的一般及行政費用率顯著上升至13%，主要原因是一次性反壟斷罰款費用化。若剔除此項費用，一般及行政費用率將下降1個百分點至4%。

Revenue and adjusted EBITDA. These slides provides you with an overall summary of our segment revenue and profitability for the March quarter and fiscal year. For the next part of the discussion, I will first provide you with an overall financial recap by segment for the fiscal year and then followed by quarterly discussion of important segments.

收入和調整後EBITDA。這些投影片為您提供了我們3月季度和財年各部門收入和盈利能力的總體概述。在接下來的討論中，我將首先為您按部門提供本財年的整體財務回顧，然後按季度討論重要部門。

Let's look at the segment revenue and profitability for fiscal year 2021. Starting this quarter, for purpose of presenting our market-based core commerce adjusted EBITA, we expanded the list of our new initiative businesses that we break out in order to present the progress of our strategic investments as well as the profitability of our market-based core commerce business. This is on a like-for-like basis. The new initiative businesses, which now include our New Retail business, Local Consumer Services, Lazada, Taobao Deals and Cainiao, represents strategic areas where we are executing to capture incremental opportunities.

讓我們來看看2021財年的分部收入和獲利能力。從本季度開始，為了呈現我們基於市場的核心商業調整後息稅折舊攤銷前利潤（EBITA），我們擴大了新舉措業務的單列，以便展示我們戰略投資的進展以及基於市場的核心商業業務的盈利能力。這是基於同比數據。新舉措業務現已包括我們的新零售業務、本地消費者服務、Lazada、淘寶特價和菜鳥網絡，這些代表了我們正在努力抓住增量機會的戰略領域。

As previously mentioned, we are very excited about the growth prospectives (sic) [prospects] of these fast-growing businesses that will not only increase our addressable market but also require long-term investment commitments. We believe these new businesses will be the drivers of our multi-engine revenue growth in the future.

如前所述，我們對這些快速成長業務的成長前景感到非常興奮，它們不僅將擴大我們的潛在市場，而且需要長期的投資承諾。我們相信，這些新業務將成為我們未來多引擎收入成長的驅動力。

So under this new presentation, for fiscal 2021, our market-based -- marketplace-based core commerce adjusted EBITA was CNY 229 billion, growing 17% year-on-year. Combined losses of strategic investment areas was CNY 34.6 billion, reflecting investment in New Retail, Local Consumer Services, Lazada as well as addition of losses reflecting our aggressive investment in Taobao Deals.

因此，按照新的報告方式，2021財年，我們基於市場的核心商業調整後息稅折舊攤提前利潤（EBITA）為2,290億元人民幣，較去年同期成長17%。戰略投資領域的合併虧損為346億元人民幣，反映了我們對新零售、本地生活服務和Lazada的投資，以及對淘寶特價版的積極投資造成的虧損。

Core commerce adjusted EBITA reached CNY 194 billion. The cloud computing and DME continued to narrow losses during this fiscal year.

核心商業業務調整後EBITA達1,940億元，雲端運算及資料管理業務本財年虧損持續收窄。

Our innovation initiatives recorded adjusted EBITA loss of RMB 10 billion, up RMB 1.8 billion as we continued to invest in technological research and innovation.

由於我們持續在技術研究和創新方面投入，我們的創新舉措錄得調整後 EBITA 虧損 100 億元，增加人民幣 18 億元。

Overall, our adjusted EBITA for fiscal year grew 24%, reflecting the strength of our core commerce business that was partly offset by the investment we made in the new initiative areas.

總體而言，我們本財年的調整後 EBITA 成長了 24%，這反映了我們核心商業業務的強勁成長，但我們在新舉措領域的投資部分抵銷了這一成長。

Segment reporting, I wouldn't go into detail for each one of them, just some highlights. So for the core commerce, CMR grew 40% year-over-year to CNY 64 billion. These are all for the discussion for the quarter. This growth actually is driven by solid growth of our China retail marketplaces.

關於分部報告，我不會逐一詳細介紹，只介紹一些亮點。核心商務方面，CMR 較去年同期成長 40%，達到 640 億元。這些都是本季要討論的內容。這一增長實際上是由我們中國零售市場的穩健成長所推動的。

Overall, online GMV was -- grew 33%, reflecting the rapid recovery of growth in apparel, accessory and home furnishing category, et cetera. FMCG also exhibited solid growth during this quarter. From a merchant spending perspective, we saw strong growth in higher spending per merchant and an increasing number of paying merchants on our China retail marketplace.

整體而言，線上商品交易總額（GMV）成長了33%，這反映出服裝、配件和家居等品類的成長迅速復甦。快速消費品在本季也表現出穩健的成長。從商家支出的角度來看，我們看到中國零售市場上每位商家的支出強勁成長，付費商家數量也在增加。

In March quarter, China retail others revenue grew 134% to CNY 60 billion due to consolidation of Sun Art. In March quarter, marketplace-based EBITA reached CNY 44 billion, up 28% year-on-year, reflecting solid CMR growth, partially offset by the increase in the marketing, promotional spending for user acquisition and increasing engagement on our China retail marketplace.

受高鑫零售合併的影響，3月當季中國零售其他業務收入成長134%，達到600億元。 3月當季基於市場的息稅折舊攤銷前利潤（EBITA）達到440億元人民幣，同比增長28%，反映出客戶訪問量（CMR）的穩健增長，但部分抵消了我們為獲取用戶而增加的營銷和促銷支出以及中國零售市場參與度的提升。

Let's take a look at the cloud computing business. Ali Cloud revenue grew 37% year-over-year to CNY 17 billion during the quarter. This lower revenue growth due to the -- during the quarter was due to a change in our relationship with a top cloud customer in the internet industry. This customer has a sizable presence outside of China that used our overseas cloud services. They have decided to terminate the relationship with us with respect to their international business due to nonproduct-related requirements. We expect the impact of reduction in revenue from this customer to affect our year-on-year growth rate with -- when compared to prior years. Excluding this customer impact, Alibaba Cloud top 10 nonaffiliated customers together accounted for no more than 8% of Alibaba Cloud total revenues. So you get a sense on this concentration the revenue is really not high. Going forward, we believe that our cloud computing revenue will be further diversified across customers and industries.

我們來看看雲端運算業務。本季阿里雲營收年增37%，達170億元。本季營收成長放緩是由於我們與網路產業頂級雲端客戶的關係發生了變化。該客戶在中國境外擁有大量業務，使用我們的海外雲端服務。由於非產品相關的需求，他們決定終止與我們在國際業務上的合作關係。我們預計，該客戶收入減少將影響我們與往年的年成長率。剔除該客戶的影響，阿里雲前十大非關聯客戶合計佔阿里雲總收入的不超過8%。因此，從收入集中度來看，收入確實不高。展望未來，我們相信我們的雲端運算收入將在客戶和產業之間進一步多元化。

Alibaba Cloud was profitable for the quarter and generated an adjusted EBITA of RMB 308 million. Our cloud business has delivered profits over the last 2 quarters, which demonstrates that we can run this business on a profitable basis. We believe it is still more important to drive market share leadership given the rapid growth of the industry. We will continue to invest in innovation -- in innovative technologies, expanding customer servicing capabilities and enabling a robust developer ecosystem for the cloud business in the future.

阿里雲本季獲利，調整後息稅折舊攤提前利潤（EBITA）達3.08億元。我們的雲端業務在過去兩個季度均已實現盈利，這表明我們有能力在盈利的基礎上運營該業務。我們認為，鑑於行業的快速增長，鞏固市場份額領先地位仍然至關重要。未來，我們將持續投資創新—投資於創新技術、拓展客戶服務能力，並為雲端業務建立強大的開發者生態系統。

Our DME business for the quarter grew to CNY 8 billion in revenue, 12% year-on-year growth. This is a sector that's impacted by the pandemic as well.

本季度，我們的二甲醚業務營收成長至80億元人民幣，年增12%。該業務也受到了疫情的影響。

Income statement selective financial metrics. So when you look at the interest and investment income, it was RMB 111 million in March quarter. This year-over-year increase is primarily due to the decrease in net loss arising from the fair value changes of our investments.

損益表中的財務指標有所差異。利息及投資收益方面，3月當季為人民幣1.11億元。年成長主要得益於投資公允價值變動淨虧損的減少。

Our share of results of equity method investees was RMB 6 billion during March quarter.

3 月季度，我們以權益法計算的被投資單位的收益份額為 60 億元。

Our free cash flow was an outflow of CNY 658 million this quarter. It was also -- this was a pattern -- similar pattern in last years. The cash flow outflow during this quarter was mainly due to our increased strategic investment as well as an increase in marketing and promotional spending for user acquisition and retention. And at the same time, there was merchant deposit fund that, as a practice that we discussed in the earnings release, that we just take it out from the free cash flow calculation.

本季我們的自由現金流為人民幣6.58億元。這與去年的情況類似。本季的現金流出主要源自於我們增加的策略投資，以及為獲取和留住用戶而增加的行銷和推廣支出。同時，我們也有商家存款基金，正如我們在財報中所討論的那樣，我們會將其從自由現金流計算中剔除。

Okay. So let's take a look at -- the non-GAAP net income attributable to shareholders was CNY 5.5 billion for the quarter. This was mostly due to expensing of a CNY 18.2 billion fine, partially offset by the reduced net loss arising from the fair value changes of our investments.

好的。讓我們來看看－本季非公認會計準則下歸屬於股東的淨利為55億元。這主要是由於182億元罰款的支出，但部分被我們投資公允價值變動產生的淨虧損減少所抵銷。

Now outlook and guidance. So total revenue, excluding Sun Art consolidation, was CNY 674 billion for fiscal 2021, which, as I mentioned, surpassed our annual revenue guidance. This was driven by robust performance of our core business as well as continued growth of cloud.

現在來看看展望和指引。 2021財年（不包括高鑫零售）的總收入為6740億元人民幣，正如我之前提到的，這超過了我們的年度收入指引。這得益於我們核心業務的強勁表現以及雲端業務的持續成長。

Going forward, we expect to generate over RMB 930 billion in revenue in fiscal 2022, considering the total market potential as well as the -- our strong profit and cash flow generation capability. This gives us the internal resources to focus on long-term value creation.

展望未來，考慮到整體市場潛力以及我們強大的利潤和現金流創造能力，我們預計2022財年的收入將超過9,300億元人民幣。這將使我們擁有內部資源，專注於長期價值創造。

In fiscal 2022, we plan to invest all of our incremental profits and additional capital into supporting our merchants and developing new businesses and the key strategic areas that will help us increase consumer wallet share and penetrate into new addressable markets.

在 2022 財年，我們計劃將所有增量利潤和額外資本投入到支持我們的商家和開發新業務以及關鍵策略領域，這將有助於我們增加消費者錢包份額並滲透到新的潛在市場。

That completed our prepared remarks. Let's open up for Q&A.

我們的準備演講到此結束。下面開始問答環節。

Hi, everyone. So for today's call, we welcome to ask you -- you're welcome to ask question in Chinese or English. A third-party translator will provide consecutive interpretation for the Q&A session. Our management will address your question in the language you ask. Please note that the translation is for convenience purpose only. In the case of any discrepancy, the management statement in their original language will prevail. (foreign language)

大家好。今天的電話會議，我們歡迎您用中文或英文提問。第三方翻譯將為問答環節提供交替傳譯。我們的管理階層將使用您所選的語言解答您的問題。請注意，翻譯僅供參考。如有任何差異，以管理階層原文聲明為準。 （外語）

Operator, now we can connect to the speaker and SI conference lines and start the Q&A session when ready. Thank you.

接線員，現在我們可以連接發言人和 SI 會議線路，並在準備好後開始問答環節。謝謝。

(Operator Instructions) First question comes from the line of Alex Yao of JPMorgan.

（操作員指示）第一個問題來自摩根大通的 Alex Yao。

[Interpreted] I have some questions on the investment side. First of all, I'd like to know if you could please clarify the remarks made, I believe, by both Maggie and Daniel, in your presentations as regarding the intention to completely reinvest all incremental profit in the coming year. Does that mean that we're talking about an outlook with a 0 profit growth in the coming financial year?

[口譯] 我有一些關於投資方面的問題。首先，我想請您澄清一下，我相信Maggie和Daniel在你們的演講中都提到了，他們打算在來年將所有增量利潤全部再投資。這是否意味著我們討論的是下一財年獲利成長為零的前景？

Secondly, you listed a lot of different areas into which that investment will be channeled. I'm wondering if you could tell us which of those will be the top priorities.

其次，您列舉了許多投資將投入的不同領域。請問您能否告訴我們，哪些領域將是首要重點？

And thirdly, Daniel in his remarks spoke of how these investments will be managed in a prudent fashion with internally defined KPIs to monitor investment effectiveness. I'm wondering if you could please tell us more about how that will work and, on those KPIs, how performance has been year-to-date.

第三，丹尼爾在發言中提到，這些投資將以審慎的方式進行管理，並透過內部設定的關鍵績效指標 (KPI) 來監控投資成效。請您詳細介紹一下具體運作方式，以及今年迄今這些關鍵績效指標的績效如何。

[Interpreted] Yes. Let me start by answering as to what we intend to -- or what we meant with this announcement of our investment of incremental profits and what the priorities will be in terms of making this investment.

[口譯] 是的。首先我想問一下，我們宣布投資增量利潤的意圖是什麼，以及這項投資的優先事項是什麼。

So as we stated in our earnings guidance, we plan to invest all incremental profit in the coming year into growing our business further and investing for the future. Does that mean then that in the coming year there will be no prospect of profitability or profit growth? Or will maximum profit growth be restricted to what it was this year?

正如我們在獲利預測中所述，我們計劃將來年所有增量利潤投入業務成長和未來投資。這是否意味著來年將沒有獲利或利潤成長的前景？或者，利潤成長的最高點會被限制在今年的水準？

Well, let's look at what we can achieve with this investment first. In the market, as you know, there are very, very few companies that can do what we've done in terms of investing a lot of money into future business growth and to strategic initiatives while still enjoying a very robust profit growth. So I think it's fair to say that there's a huge potential for us to further grow be it in our core market or in other areas. There's still lots of scope and lots of room for us to do new things and grow the business.

好吧，我們先來看看這筆投資能帶來什麼。如你所知，在市場上，很少有公司能像我們一樣，投入巨資用於未來業務成長和策略計劃，同時仍保持著非常強勁的利潤成長。所以我認為，無論是在核心市場還是其他領域，我們都擁有巨大的成長潛力。我們仍然有很大的發展空間，可以嘗試新的業務，發展業務。

And I think any long-term investor would say that promising to maintain a certain level of profit or prioritizing a higher level of profit would be a stupid thing to do because in the market today, there are so many competitors who are investing large amounts to gain a foothold in the market, to grow the market. And we're in a great position to create value and capitalize on our existing resources to drive future growth going forward. So that is the intention.

我認為任何長期投資者都會認為，承諾維持一定的利潤水平或優先考慮更高的利潤水平是愚蠢的，因為在當今市場上，有太多競爭對手投入巨資試圖在市場上站穩腳跟，擴大市場。而我們處於有利地位，可以創造價值，並利用現有資源推動未來成長。這就是我們的意圖。

We're going to be investing in a highly targeted and highly disciplined way in order to lay a foundation for even better growth going forward. And at the end of the day, users will vote with their feet. So we see these investments ultimately as playing out in terms of growing the business and more deeply engaging users.

我們將以高度精準和嚴謹的方式進行投資，為未來更佳的成長奠定基礎。最終，用戶會用行動來投票。因此，我們認為這些投資最終將促進業務成長，並更深入地吸引用戶。

And then by way of follow-up in terms of the specific areas we intend to be investing in, as we talked about, certainly core commerce, New Retail, as Daniel mentioned in his remarks, the Community Marketplaces business, Taobao Deals but also our international business, local services and logistics.

然後，就我們打算投資的具體領域而言，當然是核心商業、新零售，正如丹尼爾在他的演講中提到的那樣，還有社區市場業務、淘寶交易，以及我們的國際業務、本地服務和物流。

And then another way of breaking down the investments not by business but in terms of results that we see, certainly these would include growth in the user base, enhanced engagement as well as the provision of more value to merchants.

然後，另一種細分投資的方式不是按業務，而是按我們看到的結果，當然這些將包括用戶群的成長、增強的參與度以及為商家提供更多價值。

[Interpreted] Yes. I'd just like to add to that briefly. When it comes to making these investments, we do have 3 major strategic priorities, as I mentioned in my script. These are domestic consumption, globalization and the cloud or high -- advanced technology part of the business. And we intend to be investing in all 3 of those because we see large incremental opportunity.

[口譯] 是的。我只想簡單補充一下。正如我在演講稿中提到的，在進行這些投資時，我們確實有三大策略重點。它們是國內消費、全球化以及雲端運算或高端技術業務。我們打算在這三個領域都進行投資，因為我們看到了巨大的增量機會。

Starting with the first of those strategic priorities, namely domestic demand, domestic consumption, our AAC number has now reached 890 million in China. This is the latest total figure across the ecosystem, all of the different platforms, an aggregate AAC figure of 890 million. However, there's still a lot of scope to grow the frequency on purchase and engagement of these 890 million AACs to convert them into MACs, monthly active consumers, or even DACs, daily active consumers. So huge, huge scope for development there.

從第一個策略重點，即國內需求和國內消費開始，我們的中國AAC用戶數量現已達到8.9億。這是整個生態系統（包括所有不同平台）的最新數據，AAC用戶總數達到8.9億人。然而，我們仍有很大的空間來提升這8.9億AAC用戶的購買頻率和參與度，從而將其轉化為MAC（每月活躍用戶），甚至是DAC（每日活躍用戶）。因此，這方面的發展空間非常巨大。

We have today within this user base the broadest and largest multi-tier consumer base in China. So as I said in my remarks, a major priority for us and for the developing user base is to continue to drive higher levels of purchase frequency across all classes of consumers.

如今，我們擁有中國最廣泛、規模最大的多層次消費者群。正如我在發言中所說，我們以及不斷發展的使用者群體的首要任務是繼續推動各階層消費者的購買頻率不斷提高。

And then, although we already have 890 million AACs, still there is quite some scope for further growth in that figure with respect to users in lower-tier cities and in rural areas. In fact, in my script just now, I reported the growth achieved in the past year in our user base, and 70% of those new users came from rural areas. So we will continue, as I said, to strive to grow the user base, adding new users, and have set as a target surpassing 1 billion AACs in the new financial year.

儘管我們已經擁有8.9億AAC用戶，但考慮到低線城市和農村地區的用戶，這個數字仍有相當大的成長空間。事實上，我剛才在報告中報告了過去一年用戶群的成長情況，其中70%的新用戶來自農村地區。因此，正如我所說，我們將繼續努力擴大用戶群，增加新用戶，並設定了在新財年突破10億AAC的目標。

Apart from growing the number of consumers and their frequency of consumption, another important initiative for us is helping merchants by reducing their burden, reducing their costs as well as creating and facilitating a conducive environment for their long-term development and success. In this respect, we will have many measures. Some have already been announced, some have yet to be announced, but they all aim at helping merchants.

除了增加消費者數量和消費頻率外，我們另一個重要措施是幫助商家減輕負擔、降低成本，並創造和促進有利於商家長期發展和成功的環境。在這方面，我們將採取多項措施。有些措施已經宣布，有些措施尚未宣布，但所有措施都旨在幫助商家。

Finally, also in the same area of domestic demand and domestic consumption, another place we'll be investing is in the continued construction and improvement of our infrastructure, our logistics, our supply chain and merchandising capabilities. This is also an important area where we can discover and satisfy user demand and create long-term value for our users and for the company. In the interest of time, I will not expand any further. I will merely end by saying that we'll put in place detailed KPIs to monitor all of these investments and ensure that they're conducted in a disciplined fashion.

最後，同樣在國內需求和消費領域，我們將投資的另一個領域是持續建立和完善我們的基礎設施、物流、供應鏈和商品銷售能力。這也是我們能夠發現和滿足用戶需求，並為用戶和公司創造長期價值的重要領域。由於時間關係，我就不多說了。最後我想說的是，我們將制定詳細的關鍵績效指標 (KPI) 來監控所有這些投資，並確保它們以規範的方式進行。

So the above was always with respect to the domestic consumption piece of our strategy. Turning now to globalization. As was mentioned in my speech earlier, we're very pleased that we now have 240 million international AACs, and we hope to double that figure going forward. So growing the international user base is also very important to us.

以上內容始終圍繞著我們策略中的國內消費部分。現在談談全球化。正如我之前演講中提到的，我們很高興看到我們目前擁有2.4億國際AAC用戶，我們希望未來能將這個數字翻倍。因此，擴大國際用戶群對我們來說也非常重要。

Finally, I'd like to talk briefly about technology. We see the cloud as an epoch-defining opportunity, and we'll continue to invest in cloud technology but also in big data and other kinds of technology as well, including technology to enable the next-generation consumption experience to better support logistics services and in other areas, to ensure the technology is supporting the realization of our domestic consumption strategy, our globalization strategy as well as our cloud and high-tech strategy. We want to enable all of these strategic areas to benefit from further improvement in our technology capabilities.

最後，我想簡單談談科技。我們將雲端運算視為一個劃時代的機遇，我們將繼續投資雲端技術，同時也投資大數據和其他類型的技術，包括賦能下一代消費體驗的技術，以更好地支援物流服務和其他領域，確保這些技術能夠支援我們國內消費戰略、全球化戰略以及雲端運算和高科技戰略的實現。我們希望使所有這些戰略領域都能從我們技術能力的進一步提升中受益。

Yes, our next question is from the line of Thomas Chong of Jefferies.

是的，我們的下一個問題來自 Jefferies 的 Thomas Chong。

May I ask about the trend in terms of the CMR? Given that we have seen the CMR growth rate is very solid, can you comment about the FY '22 outlook, in particular how we should think about the take rate trend for this year?

可以問一下CMR的趨勢嗎？鑑於我們已經看到CMR的成長率非常穩健，您能否評論一下2022財年的前景，特別是我們應該如何看待今年的接受率趨勢？

And my second question is about the competitive landscape. Given that we have a wide product selections and very strong technology, how would we leverage our core capabilities in different areas like lower-tier cities penetration as well as our strategic initiative in local service and Sun Art? (foreign language)

我的第二個問題是關於競爭格局。鑑於我們擁有廣泛的產品選擇和非常強大的技術，我們將如何利用我們在不同領域的核心能力，例如低線城市的滲透，以及我們在本地服務和高鑫零售方面的戰略主動性？ （外語）

Yes. In terms of CMR growth, you've seen that we reported 24% year-on-year growth for the quarter. And if you look at the past few quarters, that's been growing strongly considering it has a large base. I believe the CMR growth is going to be -- have -- continues to have high potential.

是的。就CMR成長而言，您已經看到我們報告本季同比增長了24%。如果您回顧過去幾個季度，您會發現考慮到我們基數較大，CMR的成長勢頭強勁。我相信CMR的成長潛力巨大，並且將繼續保持。

If you look at this revenue, actually the TAM is merchants' budget, right? You pay for the services and -- we provided. Currently, our take is somewhere around 4%. This is mainly where merchants paying for the sales and marketing, branding services were provided. So even in this sole area, we still have a lot of potential. And there are also other areas that we could provide merchant services. So take rate has been growing over the past years.

如果你看一下這部分收入，你會發現TAM其實是商家的預算，對吧？商家支付我們提供的服務費用。目前，我們的抽成在4%左右。這主要來自商家支付的銷售、行銷和品牌推廣服務。所以即使在這個領域，我們仍然有很大的潛力。我們也可以在其他地方為商家提供服務。所以，過去幾年，我們的抽成率一直在增加。

I think this year, as we talked about, we're going to provide more support to the merchants. In our last call, we talked about the details on how we support our merchants, this including waiving certain charges, fees and also invest in the platforms and infrastructure to support merchants. So we're not aggressively monetizing the value we created for the merchants actually.

我認為，正如我們之前提到的，今年我們將為商家提供更多支援。在上次電話會議中，我們討論如何支援商家的細節，包括免除某些費用，以及投資支援商家的平台和基礎設施。因此，我們實際上並沒有積極地將我們為商家創造的價值貨幣化。

The one thing worth to mention is that CMR currently accounts for approximately 43% of our total revenue. If you look at 3 years ago, 5 years ago, it used to be like 70%, 80%, right? So it has been growing very fast, but it's, as a percentage of revenue, coming down. I think that trend will continue. That is because of our multi-engine strategy. We have so many new businesses, and revenue contributed from these new -- that become more and more important and significant to our total revenue. (foreign language)

值得一提的是，CMR目前約占我們總收入的43%。如果你看看3年前、5年前，它曾經佔到70%、80%，對吧？所以它成長非常快，但佔收入的比例正在下降。我認為這種趨勢會持續下去。這得歸功於我們的多引擎戰略。我們有很多新業務，這些新業務帶來的收入——對我們的總收入來說越來越重要，也越來越重要。 （外語）

Yes. Just one minor correction. The 24% year-on-year growth is for the annual fiscal 2021. For this quarter, the growth rate for CMR was 40%. (foreign language)

是的。只需稍作更正。 24% 的年成長指的是 2021 財年的年成長。本季度，CMR 的成長率為 40%。 （外語）

Now let me answer the second question in terms of the technology, how to apply technology into the competition. Actually, we always believe that technology is so critical in the competition, and we are proud of our technology development and the integration with the real operation and even in the fierce competition.

現在我來回答第二個關於技術的問題，如何將科技應用到競爭中。實際上，我們始終認為技術在競爭中至關重要，我們為我們的技術開發以及與實際營運的結合感到自豪，即使在激烈的競爭中也是如此。

So let me just give you a few examples. In the matter of consumption area, actually one of the key things is how to acquire and retain the customers on our China retail marketplaces. But the key thing is how to use technology to match the most comprehensive product offerings we have on our platforms with the right customers and generate the real consumption. So the matching capabilities is all driven by AI and driven by technologies. So I think that's our big advantage to make sure we have a most effective, I mean, conversion. I mean over years, our conversion rate had continued to grow and which -- not only to grow our GMV but also to meeting the diversified demands of our customers.

我舉幾個例子。在消費領域，關鍵在於如何在我們中國零售市場中取得並留住客戶。但更關鍵的是如何利用技術，將我們平台上最全面的產品與合適的客戶配對，並產生真正的消費。所以，這些匹配能力完全由人工智慧和技術驅動。我認為，確保最有效的轉換是我們最大的優勢。多年來，我們的轉換率持續成長，這不僅促進了我們的商品交易總額（GMV）成長，也滿足了客戶多樣化的需求。

The second example I want to give you is that once we acquire new customers, it's all about how to maximize the lifetime value of these customers via cross-category setting opportunities. And so in this regard, we have this -- we built a very comprehensive user profile and product features profile to make sure we can maximize -- we can understand our customers very well and provide all their needs during their lifetime cycle. Let me stop here for translation. (foreign language)

我想舉的第二個例子是，一旦我們獲得新客戶，關鍵在於如何透過跨品類的行銷機會，最大化這些客戶的終身價值。因此，我們建立了非常全面的使用者畫像和產品功能畫像，以確保我們能夠最大限度地了解客戶，並在他們的整個生命週期中滿足他們的所有需求。我先說到這裡，請翻譯一下。 （外語）

Well, but technology application is not limited to the consumer management side. Actually, it covers all the areas. Just a few more examples.

嗯，但科技應用並不限於消費者管理方面。實際上，它涵蓋了所有領域。再舉幾個例子。

For example, in -- on logistics side and -- technology actually play a very important role to -- for Cainiao to build a smart, data-driven logistic network and operating system and -- to serve our merchants as our -- both in China and the international market.

例如，在物流方面，科技其實發揮著非常重要的作用，幫助菜鳥建立智慧、數據驅動的物流網路和作業系統，為中國和國際市場的商家提供服務。

And on the cloud side, I think technology is a key. As I said in my script, we continue to invest in technology to build our competitive advantage in the Art and FaaS products. But this -- our benchmark is not only in China. Actually, we benchmark the global leaders in all their, I mean, core cloud products and -- to make sure we are -- as a top tier of the world. (foreign language)

在雲端，我認為科技是關鍵。正如我在演講中所說，我們持續在技術上投入，以在Art和FaaS產品上打造我們的競爭優勢。但我們的基準不僅在中國。實際上，我們會對標全球領導者的所有核心雲端產品，以確保我們處於世界領先地位。 （外語）

Next question is from the line of Jerry Liu of UBS.

下一個問題來自瑞銀的 Jerry Liu。

Yes, my question is really on the business model. If we look at the recent past years, we've seen an increase in the 1P revenue mix, right, as Alibaba consolidates, Sun Art and as we grow Hema or Freshippo. So today, we talk about investing in Community Marketplaces. And from the presentation, it looks like the providers of groceries and FMCG into this business includes also Sun Art and, I believe, Hema as well.

是的，我的問題其實是關於商業模式的。回顧過去幾年，隨著阿里巴巴整合高鑫零售，以及我們盒馬鮮生和盒馬鮮生的發展，我們看到第一方收入結構有所成長。所以今天，我們來談談對社區市場的投資。從演示來看，參與這項業務的食品雜貨和快速消費品供應商似乎也包括高鑫零售，我相信盒馬鮮生也參與其中。

So as we invest in these high-frequency categories, how does this change the long-term business model? How do we envision the ecosystem looking long term? And maybe more specifically, do we have a target 1P-3P mix in mind? (foreign language)

那麼，當我們投資這些高頻品類時，這會如何改變長期商業模式？我們如何展望生態系的長期發展？更具體地說，我們心中是否有一個目標1P-3P組合？ （外語）

In short, we don't have any specific goal for 1P-3P mix. We strongly believe that this mix is an organic result, outcome for our operation, and we don't manage the 1P-3P mix intentionally.

簡而言之，我們對1P-3P組合沒有任何特定的目標。我們堅信這個組合是我們營運的自然結果，我們不會刻意去管理1P-3P組合。

Over years, we have built our 2 flying wheels in our annual consumption business. One is to build our -- continues to build a capability to manage the customers smartly and efficiently. And in this regard, we said how to create the demand. So in the demand side, we continue to invest to improve our user interface with creativity and with technologies. And we strongly believe that it's very important for us to engage -- enhance our engagement with our customers not only to have more customers on our platform but also to help them spend more time with us. And we strongly believe that a very diversified supply from the merchants from different sources is very, very important. And the selection is very, very important to enhance the user stickiness. So I think that's the area we continue to invest and to build capability on the customer management and demand creation.

多年來，我們在年度消費業務中打造了兩個飛輪。一是持續建構智慧高效的客戶管理能力。在這方面，我們談到如何創造需求。因此，在需求方面，我們持續投入，利用創意和技術改進使用者介面。我們堅信，加強與客戶的互動至關重要，這不僅能吸引更多客戶使用我們的平台，還能幫助他們在我們平台上停留更久。我們堅信，來自不同來源的商家提供高度多樣化的供應非常重要。而選擇對於增強用戶黏性也至關重要。所以，我認為這是我們持續投入並提升客戶管理和需求創造能力的領域。

And on the other hand, over years, we tried to build a very strong, I mean, merchandising capabilities and supply chain management capabilities, which we believe -- actually, over years, no matter how frequency -- how changed the user interface will be, the efficient supply is a must to do a successful commerce business, including e-commerce business. So that's why we invest a lot to build our supply-side capabilities. And we believe that these capabilities -- the advantage of these capabilities will not change even without -- even with the user interface upgrading and change. So these are 2 flying wheels to Alibaba.

另一方面，多年來，我們一直致力於打造非常強大的商品銷售能力和供應鏈管理能力。我們相信，實際上，多年來，無論用戶介面如何頻繁變化，高效的供應對於成功的商業業務（包括電子商務）至關重要。因此，我們投入巨資打造供應面能力。我們相信，即使使用者介面不斷升級和變化，這些能力的優勢也不會改變。所以，這對阿里巴巴來說是兩個飛輪。

I'm so proud that maybe we are one of the few companies in the world which have the -- has had the excellent, I mean, consumer management capabilities but, at the same time, has this merchandising and the supply chain management capabilities in one company and in one team. I think that these 2 flying wheels are the critical successful factor for our long-term growth. (foreign language)

我非常自豪，或許我們是世界上少數幾家擁有如此卓越消費者管理能力的公司之一，同時，我們又在同一家公司、同一個團隊中，擁有如此強大的營銷和供應鏈管理能力。我認為，這兩個飛輪是我們長期成長的關鍵成功因素。 （外語）

Next question is from the line of Han Joon Kim of Macquarie.

下一個問題來自麥格理的 Han Joon Kim。

I wanted to ask about Taobao Deals. I think it's been one of the fastest-growing apps in last year. And are you guys empowering it to kind of grow to 700 million, 800 million kind of in a few years? Or do you just kind of see it as something that is...

我想問一下淘寶特價版。我認為它是去年成長最快的應用之一。你們會推動它在幾年內成長到7億、8億嗎？還是說你們只是把它看作…

Han Joon, sorry...

韓俊，對不起…

Hello? Do you hear me?

餵？聽見了嗎？

Han Joon, sorry to interrupt. Can you repeat your question? Maybe get closer to the mic.

韓俊，抱歉打擾了。你能重複一下你的問題嗎？或者你離麥克風近一點。

Sure. It's regarding Taobao Deals. I'm wondering if we are empowering it to try to grow to 700 million, 800-type million users in a few years...

當然。是關於淘寶特價版的。我想知道我們是否會幫助它在未來幾年內發展到7億、8億左右的用戶…

Sorry.

對不起。

Or do you see this ...

或者你看到這個...

Sorry, your mic is still very noisy.

抱歉，您的麥克風仍然很吵。

Hopefully, this is a little bit better.

希望情況會好一點。

Yes.

是的。

Yes. Sorry, just to repeat, for Taobao Deals, just wondering if this is a business you're empowering to try to get to kind of 700 million, 800 million kind of user base in a few years' time. And if that's the case, how do we see this interacting with, I guess, Taobao and Tmall in the sense of as Tmall -- as Taobao Deals grows, do you see any kind of cannibalistic behavior to our own services? And part of this is also -- I don't feel like I'm seeing your competitors in that similar space being particularly impacted as this -- as Taobao Deals grows, so I'm also kind of thinking how this impacts perhaps the competitive landscape as well. (foreign language)

是的。抱歉，我再說一遍，關於淘寶特賣，我想知道您是否正在賦能這項業務，試圖在幾年內達到7億到8億的用戶群。如果是這樣，我們如何看待它與淘寶和天貓之間的互動？隨著天貓——淘寶特賣——的發展，您是否認為它會蠶食我們自己的服務？此外，我覺得在類似領域，您的競爭對手並沒有受到像淘寶特賣這樣特別的影響，所以我也在思考這會如何影響競爭格局。 （外語）

Well, the value proposition of Taobao Deals is very clear. It's for price-conscious consumers, and we provide on Taobao Deals platform the value-for-money products for these, I mean, price-sensitive customers. And in terms of supply side, actually we focus on manufacturers and farmers and their direct offer and end-to-end to the customer in the -- which care more about price.

嗯，淘寶特價的價值主張非常明確。它面向注重價格的消費者，我們在淘寶特價平台上為這些價格敏感的顧客提供物超所值的產品。在供應方面，我們實際上專注於製造商和農民，以及他們直接向客戶供應端到端產品——他們更注重價格。

So I think the value proposition and the simple consumer journey, shopping journey, I think, is a key for Taobao Deals, and we are very happy to see the progress we made during the last year.

因此，我認為價值主張和簡單的消費者旅程、購物旅程是淘寶特價版的關鍵，我們很高興看到去年的進展。

And as I said, our MAU in March reached 130 million. And for the entire year, we -- our annual active consumer reached 150 million. So I think that's a good start. And because China is so big and with so many population with different consumption power and with different segmentation and preferences, so we try to -- as part of Alibaba China retail marketplaces, we try to provide multiple destinations to the customers with different purposes. So I think Taobao Deals is a good supplement to our -- to other applications, other business we have in China retail marketplaces.

正如我所說，我們三月的每月活躍用戶達到了1.3億。全年來看，我們的年度活躍用戶達到了1.5億。所以我認為這是一個很好的開始。中國幅員遼闊，人口眾多，消費能力、細分市場和偏好各不相同，因此，作為阿里巴巴中國零售市場的一部分，我們努力為不同目的的客戶提供多個目的地。所以我認為淘寶特價版對我們在中國零售市場的其他應用和其他業務來說是一個很好的補充。

And in terms of the incremental value we create from Taobao Deals, I just gave a good example in my script to you, which is the average spending of our customers on Taobao Deals. Their -- the increased rate of this spending for the customers on Taobao Deals is bigger for the -- for those -- NS spend -- for the average spending on China retail marketplace, which indicate that if we have people -- if we give people multiple choices, the overall -- the total spending within Alibaba Ecosystem will be bigger. So that's a very good indicator. And -- so that's why we will continue to invest in Taobao Deals.

說到我們透過淘寶特賣所創造的增量價值，我剛才在劇本中舉了一個很好的例子，那就是我們客戶在淘寶特賣上的平均消費。客戶在淘寶特賣的消費增幅，要高於中國零售市場的平均消費增幅。這表明，如果我們為人們提供多種選擇，那麼阿里巴巴生態系統內的總消費額將會更高。所以，這是一個非常好的指標。這也是我們將繼續投資淘寶特賣的原因。

And as to whether this has any impact on other players, I think it's very important that we -- on Taobao Deals, our goal and value proposition is very clear and straightforward and even simple. So we are confident the impact is coming and -- because for these customers, they just need a simple choice and price sensitive and price advantage. That's it. So we will strengthen this value proposition on Taobao Deals.

至於這是否會對其他參與者產生影響，我認為非常重要的一點是，在淘寶特價版塊，我們的目標和價值主張非常清晰、直接，甚至可以說是簡單。因此，我們相信這種影響即將到來，因為對於這些客戶來說，他們只需要一個簡單的選擇、價格敏感度和價格優勢。僅此而已。因此，我們將在淘寶特價版塊中強化這個價值主張。

While on Taobao Mobile App (sic) [Mobile Taobao App], our flagship, I think we provide more comprehensive offerings to different segment customers, and they will enjoy more selections and more fun. So the value proposition are quite different. And we are -- as I said, our goal is to build a metrics -- application metrics to serve the customers with different needs. Thank you. (foreign language)

至於我們的旗艦產品淘寶手機應用，我認為我們為不同細分領域的客戶提供了更全面的服務，他們將享受更多選擇和更多樂趣。因此，價值主張截然不同。正如我所說，我們的目標是建立一個應用指標體系，以服務不同需求的客戶。謝謝。 （外語）

Okay. Well, thank you, everyone, for joining today's call. We have all the materials that will be provided in our IR website. We look forward to meeting with you in the coming months. Please contact me and the IR team of Alibaba. Thank you.

好的。謝謝大家參加今天的電話會議。我們的投資者關係網站上提供了所有即將發布的資料。我們期待在接下來的幾個月與您見面。請聯絡我和阿里巴巴的投資人關係團隊。謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。現在可以掛斷電話了。

[Portions of this transcript that are marked

[本記錄中標有

[Interpreted] were spoken by an interpreter present on the live call.]

[翻譯]是由現場翻譯說的。 ]